Tatar Oil Company Shuts Down

Bolgarneft board of directors Chairman Vasily Mukhin told the reporters that the abrupt decrease in the price of oil "made it useless to sell it and there is currently no space to keep the produced crude oil."

Experts say that smaller private oil companies in Tatarstan will need federal financial support to survive the global financial crisis.

Bolgarneft was known as one of the most successful private oil companies in Tatarstan, but the first one to officially announce its closure.

Author: Ksenia Kochneva